Global Annual Sales of Electric Drive Medium and Heavy Duty Vehicles, Excluding China, Are Expected to Increase 17% through 2030
Market interest remains strong despite challenges with heavy duty truck segment
A new report from Navigant Research analyzes the global market for electric drive trucks and buses, with a focus on hybrid, plug-in hybrid, battery electric, and fuel cell powertrains.
The market for electric trucks and buses is nascent, but rapid developments in the industry are setting a strong foundation for electrification to become the new norm. Click to tweet: According to a new report from @NavigantRSRCH, global annual sales of electric drive medium and heavy duty vehicles (eMHDVs) are expected to experience a compound annual growth rate (CAGR) of 9% through 2030. Excluding China, which has an aggressive program underway to electrify the largest bus market in the world, the CAGR is 17% worldwide.
“Although the eMHDV market is gaining increased attention, the vehicles currently make up a small portion of global annual sales outside of China,” says William Drier, research analyst at Navigant Research. “The production of these vehicle technologies is driven by several factors, including fuel efficiency improvements, emissions reduction, energy costs, maintenance, and declining costs for alternative fuel and batteries.”
While market interest remains strong, challenges do exist, particularly for the heavy duty (HD) truck market. The requirement for large battery capacity and lack of available recharging infrastructure for HD trucks falls short of the requirements for long-haul trucking applications, which prevents the use of electric trucks outside of fixed regional routes. In a market in search for alternatives, liquid natural gas (LNG) is one of the most prominent of the alternative fuel options that is quickly gaining traction for HD trucks as OEMs try to meet higher carbon emissions standards.
The report, Market Data: Electric Trucks and Buses, analyzes the global market for electric drive trucks and buses, with a focus on four powertrains: hybrid, plug-in hybrid, battery electric, and fuel cell. The study provides an analysis of the market issues, including opportunities, implementation challenges, and prominent market factors, associated with eMHDVs. Global market forecasts for vehicle populations and sales, segmented by powertrain-fuel configuration, vehicle type, region, and scenario, extend through 2030. The report also examines the major technologies surrounding the vehicle electrification landscape, including alternative fuels, as well as the key market participants. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Market Data: Electric Trucks and Buses, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.